TIDMBGFD
RNS Number : 5925B
Baillie Gifford Japan Trust PLC
08 October 2015
RNS Announcement: Preliminary Results
-------------------------------------
The Baillie Gifford Japan Trust PLC
===================================
Results for the year to 31 August 2015
--------------------------------------
The Baillie Gifford Japan Trust PLC outperformed its benchmark
index* over the year to 31 August 2015 by 7 percentage points. Net
asset value per share, after deducting borrowings at fair value,
rose 20.4%, while the benchmark index gained 13.4%. In this period
the Company's share price increased by 26.3%.
3/4 The positive absolute and relative outperformance came from
investment in a variety of sectors and stocks as a broad spectrum
of stocks performed well. There were thirteen individual stock
contributors of more than 0.5% to outperformance and five which
detracted at the same level.
3/4 Gearing was also beneficial to returns, with gearing
standing at 14% of shareholders' funds as at year end (31 August
2014 - 15%). Additional borrowings of Yen3bn were drawn during the
course of the year to reflect growth in the asset base.
3/4 Portfolio turnover over the period was 7.5% (11% for the
year to 31 August 2014) reflecting conviction in the current
portfolio. Eight new holdings were purchased and six holdings sold
in entirety.
3/4 During the year the Company issued 5.79m shares, 8.35% of
its pre-existing issued share capital, at a premium to net asset
value, raising GBP26.47m.
3/4 There are three new forces driving economic change in Japan:
the development of corporate governance, the tight labour market
and the surge in inbound tourism.
* The benchmark index is the TOPIX total return (in sterling terms)
The Baillie Gifford Japan Trust PLC aims to achieve long term
capital growth principally through investment in medium to smaller
sized Japanese companies which are believed to have above average
prospects for growth. At 31 August 2015, the Company had total
assets of GBP377.9m (before deduction of bank loans of
GBP54.7m).
The Company is managed by Baillie Gifford, an Edinburgh based
fund management group with around GBP115bn under management and
advice as at 7 October 2015.
Past performance is not a guide to future performance. The value
of an investment and any income from it is not guaranteed and may
go down as well as up and investors may not get back the amount
invested. This is because the share price is determined by the
changing conditions in the relevant stock markets in which the
Company invests and by the supply and demand for the Company's
shares. The Trust has borrowed money to make further investments
(sometimes known as 'gearing or leverage'). The risk is that when
this money is repaid by the Trust, the value of the investments may
not be enough to cover the borrowing and interest costs, and the
Company will make a loss. If the Trust's investments fall in value,
any invested borrowings will increase the amount of this loss. You
should view your investment as long term. You can find up to date
performance information about The Baillie Gifford Japan Trust PLC
on the Company website at www.japantrustplc.co.uk.
7 October 2015
For further information please contact:
Alex Blake - Client Liaison
The Baillie Gifford Japan Trust PLC
Tel: 0131 275 2859
Roland Cross, Director
Four Broadgate
Tel: 0203 761 4440
Chairman's Statement
====================
It has been a good year for Japanese investments and another
good year for your Company with the net asset value (after
deducting borrowings at fair value) rising by 20.4%, compared to a
13.4% rise in the benchmark TOPIX index total return (in sterling
terms). The share price increased by 26.3% and the Company's shares
are sitting at a premium to NAV (after deducting borrowings at fair
value) of 4.6%, having traded at a premium for most of the year
unlike the rest of our sector. This builds on an excellent five and
ten year record for the Japan Trust.
As with last year, both stock selection and gearing contributed
positively to the returns; further performance details are to be
found in the Managers' Report.
Investment income increased 15% over the year, reflecting higher
dividends, while expenses also increased due mainly to higher
management fees in line with the substantial increase in net asset
value.
Overall revenue gain per share was 0.28p (down from 0.47p last
year) and, as in prior years, no dividend will be paid as the
revenue reserve remains in deficit. Ongoing charges for the year
were 0.9%, the same as in 2014.
Gearing
Gearing amounted to 15% of shareholders' funds at the start of
the year and ended the year at 14%. The Company entered into two
new revolving loan facilities with Scotiabank Europe plc, details
of which can be found in note 7. Gross borrowings increased to
Y10.2bn from Y7.2bn and with the low cost of yen loans we continue
to believe that borrowing to invest in Japanese equities is a
sensible strategy.
Share Capital
The Company did not exercise its share buy back powers during
the year; however, your Board believes that it is important that
the Company retains this power and so, at the Annual General
Meeting, it is seeking to renew this facility. The Company also has
authority to issue new shares and to reissue any shares held in
treasury for cash on a non-pre-emptive basis. Shares are only
issued/reissued at a premium to net asset value, thereby enhancing
net asset value per share for existing shareholders.
During the year to 31 August 2015 5,790,000 shares were issued
at a premium to net asset value raising proceeds of GBP26,469,000,
continuing the trend of recent years. The Directors are, once
again, seeking 10% share issuance authority at the Annual General
Meeting and we will continue to issue shares only when at a premium
to net asset value. This authority will expire at the conclusion of
the Annual General Meeting in November 2016.
Continuance
Vote
Our shareholders have the right to vote annually on whether the
Company should continue in business, and will again have the
opportunity to do so at the Annual General Meeting to be held on 30
November 2015.
Last year the Company received support for its continuance from
99.9% of those voting. Your Directors are of the opinion that there
remain attractive opportunities in selected, well-run Japanese
companies.
Given the long-term favourable outlook, my fellow Directors and
I intend where possible to vote our own shareholdings in favour of
the resolution and hope that all shareholders will feel disposed to
do likewise.
Board
Your Board is committed to high standards of corporate
governance. In particular it recognises the need to have a balance
of skills, experience and length of service. It also believes that
membership of the Board should be refreshed over time and to that
end, after 14 years of excellent service, Martin Barrow is standing
down at the AGM. The process to identify a new Director with the
requisite skills has commenced using an external agency and we
expect to make an appointment before the end of 2015.
Outlook
The year to 2015 saw renewed strength in Japanese equities and
our Managers are continuing to find extremely interesting companies
in which to invest, with their bottom up approach of stock
selection adding significant value to the portfolio. The Board
visited Japan in May this year, meeting with a variety of companies
of interest to the Managers and we returned with a more positive
outlook on the investment opportunities within Japan as a
whole.
Prime Minister Abe strengthened his mandate for political and
economic reforms by calling and winning a snap election last
December.
We also saw much evidence of the encouraging improvements in
corporate governance across Japan which the Manager continues to
press for with all our holdings.
There has been significant volatility across world markets since
our August year end with Japan no exception; however, we continue
to believe there are significant opportunities for investment
growth amongst the companies in our portfolio and that the
Managers' approach of investing for medium to long term growth can
capitalise on these opportunities going forward.
Nick Bannerman
Chairman
7 October 2015
Past performance is not a guide to future performance.
Managers' Report
================
Performance
Over the past year the NAV per share with borrowings deducted at
fair value has increased by 20.4% compared to a rise of 13.4% in
the Company's benchmark. The share price also moved from a discount
at the end of last year to a premium and this helped the share
price increase by 26.3% over the period. This is the first time in
the past 10 years that there has been a premium at the year end. On
average over the year the shares traded at a premium of just over
1%.
The Japanese stock market rose in the first half of the
Company's year but has seen some volatility since the summer as
various global concerns have hit markets. The Company has continued
to use its gearing and over the year this has contributed to
roughly half the outperformance, with the rest coming from stock
selection. The yen weakened against sterling over the year by 7.5%,
but trends are really driven by the yen/dollar rate translated into
sterling. Overall Japan remains a competitive place for high
quality manufacture and services and an attractive country for
tourists.
(MORE TO FOLLOW) Dow Jones Newswires
October 08, 2015 02:00 ET (06:00 GMT)
The strongest returns within the portfolio came from the
Commerce and Services sector which includes several of the internet
related holdings, as well as companies involved in employment
services. In total there were 13 stocks which contributed more than
0.5% to outperformance and five which subtracted at the same level.
Notable amongst the winners were Cookpad, the recipe website which
has continued to gather paying members, new recipes and is moving
into advertising to its substantial subscriber base, Sysmex and
Shimadzu, both manufacturers of medical equipment, and Don Quijote,
the discount retailer benefiting from inbound tourism. Toyo Tire
and Rubber continues to do well selling truck tyres in the USA
whilst Temp Holding and Outsourcing both were helped by the labour
shortage in Japan and the increase in women in the workforce. Those
that detracted from performance included Iriso electronics, which
did very well last year and has had some pricing issues, along with
energy related holdings Modec and Inpex.
Portfolio
There have been relatively few changes within the portfolio in
the past year as our growth orientated companies have continued to
look appealing. Turnover fell to 7.5% over the year even after
buying eight new holdings and selling six.
Three of the new purchases were new listings and the IPO market
in Japan has been quite active, although the advent of sizeable
companies is still rare. The largest new listing we invested in was
Recruit, a large service sector company involved in recruitment as
well as property marketing and advertising. We have admired their
corporate culture for some time, as many key individuals in the
internet sector in Japan have spent some of their careers at
Recruit. The other two are much smaller companies and both
illustrate interesting points about current developments in Japan.
Nippon Ski Resort, a subsidiary of a parking company, was set up to
buy underperforming ski operations and improve their facilities.
This has been successful and there are many further opportunities
to expand, particularly as foreign tourists ski more in Japan.
SanBio, a research oriented bio tech company founded by Japanese
scientists, moved its headquarters from California to Japan after
legislation was passed in November 2014 as part of the Prime
Minister's third Arrow to speed up the approval processes for
regenerative medicine. Although at an early stage its technology
could represent a significant breakthrough in stroke treatment.
We sold six companies including Kyocera, Nomura, Sanrio and
Industrial & Infrastructure Fund. In the main these were sold
because the prospects no longer looked appealing owing to a variety
of reasons: intensified competition from the Frozen franchise in
the case of Sanrio, to the unsuccessful move from feature phone to
smart phones for Gree. None of these were a significant portion of
the portfolio and funds were used to invest in the more promising
opportunities.
Economy and Corporate Developments
Usually Japan is regarded as a pro-cyclical market with
corporate profits driven by the health of the economy and the speed
of growth. What has been interesting in the past year or so is the
lack of correlation. The economy in Japan has not recorded strong
growth since the rise in the consumption tax in April 2014. For the
current fiscal year ending in March 2016 the consensus view is that
the expansion is only going to be around 1.6% whilst profit growth
is likely to be over 10% despite recent weakness. Corporate
profitability in aggregate and margins are also at record levels.
This is partly due to the ongoing internationalisation of corporate
Japan, with more than half of profits now coming from overseas, and
partly to the drivers of change within the economy, along with a
greater focus on shareholder returns. There is also a thesis that
as the importance of the digital economy is mis-described by
economic statistics first compiled more than a century ago.
The Managers believe that there are three key forces driving
changes in Japan at the moment. The first is the fundamental
sea-change in corporate governance, encouraged by the advent of
Abenomics but also by the demographic changes and the increase in
international competition. Last year Japan introduced a new
stewardship code encouraging institutional investors to
constructively engage with the companies they invest in and this
year a new Corporate Governance code was introduced in June. This
encourages companies to change their boards and already the number
of independent Directors has risen further and now 94% of companies
have outsiders on the board. Companies also have to issue a
statement about their attitude to issues like cross-shareholdings
by the end of this year. This push is also coming at a time when
the importance of some other stakeholder groups is lessening. We
believe that there will be fundamental change over a five year
period and that this will lead to lower cash holdings on balance
sheets and increasing dividends along with investment for
growth.
The retirement of the baby-boomer generation, with their
corporate pensions and the increasing labour shortage, means that
managements no longer have to run companies to maintain employment
in Japan. The second development driving change is therefore the
tightening labour shortage. Again related to the aims of the Abe
government more women have been working in Japan but the
unemployment rate is now extremely low and surveys show employment
conditions extremely tight. There are suggestions that most new
jobs in Japan in the past few years have been created by companies
younger than five years, whilst the older companies are reducing
employment. This is a very welcome rebalancing and one that has
very positive implications for productivity. It goes alongside the
change in corporate governance and the rise in entrepreneurship in
Japan. In 1992, after the bubble burst, the major cause of
bankruptcy in Japan was a labour shortage for small companies
artificially created by large corporations continuing to recruit
whilst the economy turned down. Now the situation is different and
the very strong confidence being reported by the non-manufacturing
sector, which is the majority of employment in the economy. In
terms of significant formal immigration that remains some years
away, although the number of foreign residents of Japan continues
to rise and there are many anecdotal reports of informal
employment.
Thirdly, increased inbound tourism is arguably one of the most
successful outcomes of the original aims of Abenomics. The easing
of visa restrictions alongside the improvement in access provided
by more low cost airlines flying into Japan, mainly from Asia have
contributed to inbound tourism. For example, there is now a new
terminal at Narita, Tokyo's main international airport, dedicated
to such airlines offering cheaper landing fees as historically the
punitive rates for the main airport have been a deterrent to
travel. Last year the total number of foreign tourists reached
13.4m and the likely outcome for 2015 is now very likely to exceed
18m. Originally the target had been 20m in 2020, when Japan is
hosting the summer Olympics in Tokyo, but this is likely to be
comfortably exceeded. This new source of demand is helping certain
retailers and manufacturers as well as increasing the occupancy
rates of hotels, but it is also beginning to have social impacts.
As travellers come on return trips they are travelling outside the
main cities and many traditional Japanese attractions, from temples
to ryokan, are adapting and becoming more welcoming. Made in Japan
is viewed increasingly as a badge of quality, particularly by
Chinese tourists.
Outlook
Whilst global stock markets have been experiencing turbulence in
recent weeks we think that the long term positive changes for
Japanese companies outlined already will be more important over the
next year. This is not to deny that weakness in the Chinese economy
will see demand fall for some products but rather that the longer
term shifts in behaviour driven by the changes mentioned above will
outweigh shorter term difficulties. This is also not to claim that
all the many aims of Abenomics will be a success, but that there is
enough forward progress to be encouraged. Prime Minister Abe was
re-elected with a strong majority in December 2014, and having
achieved his aims of changing the security laws in Japan is now
refocused on improving the economy. There is much negative
commentary on Japan's outstanding levels of debt and very little on
the overall level of assets, which makes Japan the world's largest
ever net creditor nation. In November Japan Post Holdings, Bank and
Insurance will all be privatised which will move very significant
businesses from the public to the private sector. Against this
background and with the belief that valuations are not too high the
trust has increased its levels of gearing after the year end. There
is a further tranche of borrowing to be invested as
appropriate.
Past performance is not a guide to future performance.
Portfolio Performance Attribution for the Year to 31 August 2015(*) (unaudited)
(MORE TO FOLLOW) Dow Jones Newswires
October 08, 2015 02:00 ET (06:00 GMT)
Computed relative to the benchmark (TOPIX total return (in
sterling terms)) with net income reinvested
Benchmark Baillie Gifford
asset allocation Japan asset
allocation Performance Contribution attributable to:
=====================
01.09.14 31.08.15 01.09.14 31.08.15 BG Japan TOPIX total return Contribution to relative return Stock selection Asset allocation Gearing
Portfolio breakdown % % % % % % % % % %
===================== ======== ======== ======== ========== ======== ================== =============================== =============== ================ =======
Commerce and services 12.5 12.6 24.9 27.9 26.8 12.6 3.1 3.1 - -
Manufacturing and
machinery 21.0 19.8 20.6 19.6 20.4 8.8 2.2 2.2 - -
Retail 4.1 4.8 5.5 5.3 52.3 34.0 0.9 0.7 0.2 -
Electricals and
electronics 12.8 11.7 14.2 12.9 5.7 4.9 - 0.1 (0.1) -
Real estate and
construction 6.1 5.8 5.7 5.4 2.1 5.7 (0.1) (0.2) 0.1 -
Information,
communication and
utilities 9.2 9.7 9.1 9.8 12.4 18.3 (0.5) (0.5) - -
Chemicals and other
materials 11.6 10.9 7.3 5.6 (5.0) 7.1 (0.5) (0.8) 0.3 -
Financials 13.9 14.9 10.0 10.3 15.6 20.0 (0.7) (0.4) (0.3) -
Pharmaceuticals and
food 8.8 9.8 2.7 3.2 6.2 26.0 (1.1) (0.5) (0.6) -
Total assets 100.0 100.0 100.0 100.0 17.2 13.4 3.3 3.7 (0.4) -
===================== ======== ======== ======== ========== ======== ================== =============================== =============== ================ =======
Impact of gearing 3.0 - 3.0 - - 3.0
===================== ======== ======== ======== ========== ======== ================== =============================== =============== ================ =======
Total (including
gearing)# 20.6 13.4 6.3 3.7 (0.4) 3.0
===================== ======== ======== ======== ========== ======== ================== =============================== =============== ================ =======
Past performance is not a guide to future performance.
Source: StatPro/Baillie Gifford
Contributions cannot be added together, as they are geometric;
for example, to calculate how a return of 20.6% against a benchmark
return of 13.4% translates into a relative return of 6.3%, divide
the portfolio return of 120.6 by the benchmark return of 113.4,
subtract one and multiply by 100. In addition, the total
contribution figures include a residual element that relates to
changes in weightings mid-month, which cannot be attributed to
individual sectors. Consequently, the contributions for the
individual sectors do not sum to the total contribution
figures.
* The performance attribution table is based on total assets.
The returns are total returns (net income reinvested),
calculated on a monthly linked method.
# The total return performance of 20.6% excludes expenses and,
therefore, differs from the NAV return (after deducting borrowings
at par value) of 19.9% as a result.
Income Statement (unaudited)
============================
The following is the unaudited preliminary statement for the
year to 31 August 2015 which was approved by the Board on 7 October
2015. No dividend is payable.
For the year ended 31 August 2015 For the year ended 31 August 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================== =========== =========== =========== =========== =========== ===========
Gains on investments - 45,071 45,071 - 18,801 18,801
Currency gains (note 2) - 2,700 2,700 - 3,927 3,927
Income (note 3) 4,316 - 4,316 3,746 - 3,746
Investment management fee (note 4) (2,141) - (2,141) (1,693) - (1,693)
Other administrative expenses (502) - (502) (386) - (386)
======================================== =========== =========== =========== =========== =========== ===========
Net return before finance costs and
taxation 1,673 47,771 49,444 1,667 22,728 24,395
======================================== =========== =========== =========== =========== =========== ===========
Finance costs of borrowings (1,042) - (1,042) (1,004) - (1,004)
======================================== =========== =========== =========== =========== =========== ===========
Net return on ordinary activities before
taxation 631 47,771 48,402 663 22,728 23,391
======================================== =========== =========== =========== =========== =========== ===========
Tax on ordinary activities (432) - (432) (341) - (341)
======================================== =========== =========== =========== =========== =========== ===========
Net return on ordinary activities after
taxation 199 47,771 47,970 322 22,728 23,050
======================================== =========== =========== =========== =========== =========== ===========
Net return per ordinary share (note 6) 0.28p 67.17p 67.45p 0.47p 33.45p 33.92p
======================================== =========== =========== =========== =========== =========== ===========
All revenue and capital items in this statement derive from
continuing operations.
A Statement of Total Recognised Gains and Losses is not required
as all gains and losses of the Company have been reflected in the
above statement.
Balance Sheet (unaudited)
=========================
At 31 August 2015 At 31 August 2014
GBP'000 GBP'000 GBP'000 GBP'000
======================================== ================ =================== =============== ====================
Fixed assets
Investments held at fair value through
profit or loss 369,568 286,275
======================================== ================ =================== =============== ====================
Current assets
Debtors 345 369
Cash and cash equivalents 8,742 5,231
======================================== ================ =================== =============== ====================
9,087 5,600
======================================== ================ =================== =============== ====================
Creditors
Amounts falling due within one year
(note 7) (16,872) (1,428)
======================================== ================ =================== =============== ====================
Net current (liabilities)/assets (7,785) 4,172
======================================== ================ =================== =============== ====================
Total assets less current liabilities 361,783 290,447
======================================== ================ =================== =============== ====================
Creditors
Amounts falling due after more than one
year (note 7) (38,630) (41,733)
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October 08, 2015 02:00 ET (06:00 GMT)
======================================== ================ =================== =============== ====================
Net assets 323,153 248,714
======================================== ================ =================== =============== ====================
Capital and reserves
Called up share capital 3,756 3,467
Share premium 73,272 47,092
Capital redemption reserve 203 203
Capital reserve 251,739 203,968
Revenue reserve (5,817) (6,016)
======================================== ================ =================== =============== ====================
Shareholders' funds 323,153 248,714
======================================== ================ =================== =============== ====================
Net asset value per ordinary share
(after deducting borrowings at fair
value) 425.4p 353.3p
======================================== ================ =================== =============== ====================
Net asset value per ordinary share
(after deducting borrowings at par
value) 430.2p 358.7p
======================================== ================ =================== =============== ====================
Ordinary shares in issue (note 9) 75,121,750 69,331,750
======================================== ================ =================== =============== ====================
Reconciliation of Movements in Shareholders' Funds
(unaudited)
==================================================
For the year ended 31 August 2015
Called up Share Share Capital redemption Shareholders'
capital premium reserve Capital* reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
==================== =============== ======== =================== ================ =============== =============
Shareholders' funds
at 1 September 2014 3,467 47,092 203 203,968 (6,016) 248,714
Shares issued 289 26,180 - - - 26,469
Net return on
ordinary activities
after taxation - - - 47,771 199 47,970
Shareholders' funds
at 31 August 2015 3,756 73,272 203 251,739 (5,817) 323,153
==================== =============== ======== =================== ================ =============== =============
For the year ended 31 August 2014
Called up Share Share Capital redemption Shareholders'
capital premium reserve Capital* reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
==================== ======== ==================== ================ =============== ================
Shareholders' funds
at 1 September 2013 3,251 32,019 203 181,240 (6,338) 210,375
Shares issued 216 15,073 - - - 15,289
Net return on
ordinary activities
after taxation - - - 22,728 322 23,050
Shareholders' funds
at 31 August 2014 3,467 47,092 203 203,968 (6,016) 248,714
===================== ======== ==================== ================ =============== ======= =======
* The capital reserve balance as at 31 August 2015 includes
investment holding gains of GBP140,216,000 (2014 -
GBP103,632,000)
Cash Flow Statement (unaudited)
===============================
At 31 August 2015 At 31 August 2014
GBP'000 GBP'000 GBP'000 GBP'000
============================================================== ========= ======== ========= ========
Net cash inflow from operating activities 1,327 1,322
============================================================== ========= ======== ========= ========
Servicing of finance
Interest paid (1,030) (884)
============================================================== ========= ======== ========= ========
Net cash outflow from servicing of finance (1,030) (884)
============================================================== ========= ======== ========= ========
Financial investment
Acquisitions of investments (62,854) (52,638)
Disposals of investments 23,906 30,201
Exchange differences on settlement of investment transactions (117) (54)
============================================================== ========= ======== ========= ========
Net cash outflow from financial investment (39,065) (22,491)
============================================================== ========= ======== ========= ========
Net cash outflow before financing (38,768) (22,053)
============================================================== ========= ======== ========= ========
Financing
Shares issued 26,469 15,289
Bank loans drawn down 24,075 27,410
Bank loans repaid (7,921) (16,387)
============================================================== ========= ======== ========= ========
Net cash inflow from financing 42,623 26,312
============================================================== ========= ======== ========= ========
Increase in cash 3,855 4,259
============================================================== ========= ======== ========= ========
2015 2014
Reconciliation of net cash flow to movement in net debt GBP'000 GBP'000
======================================================== ======== =========
Increase in cash in the year 3,855 4,259
Net cash inflow from bank loans (16,154) (11,023)
Exchange differences on bank loans 3,161 4,869
Exchange differences on cash (344) (888)
--------------------------------------------------------- -------- ---------
Movement in net debt in the year (9,482) (2,783)
Opening net debt (36,502) (33,719)
========================================================= ======== =========
Closing net debt (45,984) (36,502)
========================================================= ======== =========
Twenty Largest Holdings at 31 August 2015 (unaudited)
=====================================================
2015 2014
====================== ========================================
Value % of Value
Name Business GBP'000 total assets GBP'000
====================== ======================================== ======== ============= ========
SoftBank Telecom operator and internet investor 12,058 3.2 6,966
Sysmex Medical equipment 11,183 3.0 6,607
Toyo Tire & Rubber Tyre manufacturer 10,833 2.9 7,327
Temp Holdings Employment and outsourcing services 10,568 2.8 6,236
Rakuten Internet retail and financial services 9,676 2.6 6,664
Japan Exchange Group Stock Exchange operator 9,329 2.5 6,580
Fuji Heavy Industries Subaru cars 8,858 2.3 8,747
Itochu Trading conglomerate 8,785 2.3 8,028
Cookpad Recipe website 8,731 2.3 4,309
M3 Online medical database 8,690 2.3 6,073
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